Naira Exchange Rate Stable In Black Market

Naira Exchange Rate Stable In Black Market

The Naira maintained its position at ₦1,535 per dollar in the parallel market yesterday, showcasing surprising stability amidst broader market volatility. In contrast, the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a depreciation of the Naira, slipping to ₦1,532.58 per dollar……… CONTINUE READING

According to FMDQ data, the indicative exchange rate for NAFEM rose from ₦1,523.85 per dollar on Monday, representing an ₦8.73 depreciation for the Naira.

Interestingly, the market experienced a significant surge in trading volume, with turnover climbing by 41 percent to $188.19 million from Monday’s $133.46 million. This uptick in trading activity highlights a heightened demand and supply dynamic within the market.

The increased activity had a notable impact on the exchange rate margin between the parallel market and NAFEM, narrowing the gap to ₦2.42 per dollar from the previous ₦11.15 per dollar on Monday.

This contraction suggests a convergence trend, reflecting changing market perceptions and strategies among traders and investors.

The exchange rate for a dollar to Naira at Lagos Parallel Market (Black Market) sees players buying a dollar for ₦1,530 and selling at ₦1,540 on Tuesday, July 9, 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has directed individuals who want to engage in Forex to approach their respective banks.